[ad_1]
Over 50% of all project investments benefit disadvantaged or low-income communities. They provide cleaner air, increased mobility options and expanded access to clean energies.
Projects funded since 2014 are expected yield close to 76 million metric tonnes of greenhouse gas emission reductions
SACRAMENTO – Following the U.N. Intergovernmental Panel on Climate Change’s latest Report on the essential actions needed to combat the climate crisis and how much time we have left to avert disaster, California today released an annual report showing that the California Climate Investments program continues to lead the way to a low-carbon and more equitable future – with 2021 alone seeing the implementation of more than $2.1 billion in greenhouse gas-reducing projects. Cap-and-Trade dollars are used to reduce GHG emissions and strengthen the economy. The state initiative has nearly $10.5 billion in projects.
More than 75,000 California Climate Investments projects have been launched between December 2020 and November 2021. These projects have delivered significant environmental, economic, public health, and economic benefits throughout the state. This program continues to provide significant funding for low-income households and communities in disadvantaged areas. In 2021, $1 billion in funding was allocated to priority populations. To date, almost $5.2 billion has reached these communities – or more than half of all project investments.
“California continues to lead the way in confronting the sources of emissions that are driving the climate crisis, while bolstering resilience in our most vulnerable communities,” said Governor Gavin Newsom. “These investments are reducing emissions across our state with projects that provide incentives for zero-emission vehicles and equipment, increase mobility through transit, build resilience to wildfires, and much more. We’re committed to ensuring that the communities most burdened by air pollution share in these benefits, with cleaner transportation options, cleaner air, increased energy efficiency, and more livable communities.”
California Climate Investments projects will reduce greenhouse gas emissions by almost 10 million metric tonnes of carbon dioxide equivalent over their lifetimes. This is equivalent to taking approximately a million cars off of the road for one year. These and other results are detailed in the most recent California Climate Investments Annual Report on the use of auction proceeds from the state’s Cap-and-Trade Program.
More than 560,000 projects have been funded since the first California Climate Investments appropriations were made in 2014, with projects implemented to date expected to reduce GHG emissions by nearly 76 million metric tons of carbon dioxide equivalent over project lifetimes, not including an additional 102 million metric tons that are expected from the first 50 years of the High-Speed Rail Project’s operating life.
Californians throughout the state are benefiting greatly from investments in clean transportation, fire prevention, affordable housing, and air pollution reduction. California Climate Investments projects have funded more than 8,900 affordable housing units, 850 transit projects to expand or add bus or rail service, and saved or restored more 720,000 acres of California’s land. These projects are helping to reduce fossil fuel use in cars and trucks, off-road equipment, and vehicles. Nearly 420,000 vouchers have been issued for electric and hybrid vehicle purchases.
California’s Cap-and-Trade Program has raised $19.2 billion dollars since compliance began in 2013. The state’s share of Cap-and-Trade auction proceeds are placed in the Greenhouse Gas Reduction Fund, then appropriated by the Legislature and distributed as California Climate Investments. This money is then allocated to individual projects by more than 20 state agencies.
The California Air Resources Board has also released an updated version of the report along with the one released today. Interactive map of each implemented project in the state with filters for programs, counties or legislative districts, and additional project-level information for each investment. The Board also released a Project Profiles Map– A new way of exploring where projects are featured Project profiles are located across the state, and filter by agency, program, county and publication year. The Annual Report, companion materials and map, as well as data dashboards and project lists, are available at the California Climate Investments website.
###
